The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures up to the end of Q2 2025. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q2 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index was positive for the fourth consecutive quarter in Q2 2025, delivering total returns of 1.01%, up 7 bps from 0.94% posted in Q1.

• All regions recorded positive performance, with Asia Pacific outperforming the other regions, followed by Europe and then the US.

• The GREFI core funds outperformed their non-core peers for the second consecutive quarter, both delivering positive total returns of 1.09% and 0.69% respectively

For any queries, please contact Daisy Huang or Eileen Chiu.

The Q2 2025 ANREV ODCE Asset Level Performance Report posted a total return of 1.18%, comprised of 0.12% capital growth and 1.06% income return. Up 64 bps from 0.54% posted in Q1 2025. The report measures the asset level returns of 243 investments owned by 8 ODCE funds valued at US$19.21 billion as of Q2 2025.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.31% in August 2025. The ACOE includes 17 funds with a total GAV of AUD 114.35 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Karen Yeung, or Christy Lau if you have any questions regarding the Index.

The Q2 2025 ANREV index included data contributions from 79 funds with a total gross asset value of US$142.8 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.91% in Q2 2025, up from 0.88% posted in the previous quarter.

• Core funds with a total return of 2.34%, outperformed value-added and opportunistic funds which posted 0.41% and -1.32% respectively.

• Multi country strategy funds outperformed other single country strategy funds, posting total returns of 2.62%, Australian funds maintained their third consecutive quarter of positive performance with 1.51%.

Further details of the sub-indices which cover different fund styles and various geographies can be found in the full report.

We would like to thank all the funds that contributed data, and look forward to your continued support in the next round of data collection. If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Farmland Index provides financial performance of 58 different properties of market value over AUD 2.08billion in farmland.

ANREV Australia Farmland Index returned -4.86% on a 12-month rolling basis in Q2 2025.

On an annualized rolling return basis, the income return was at 1.40% in Q2 2025.

Capital growth was at -6.19% in Q2 2025 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang or Christy Lau or Karen Yeung.

ANREV, INREV and NCREIF present the tenth edition of the Global ODCE (open end diversified core equity) fund index, consisting of 48 funds with a combined total gross asset value of US$347.3 billion.

Key highlights:

• The Global ODCE fund index delivered a net total return of 2.17% in Q2 2025, up 82 bps from the previous quarter.
• The Asia Pacific ODCE funds outperformed the other regions, posting total returns of 5.47%, followed by the US with 0.81%, then Europe with 0.22%.
• Capital growth remained positive at 1.38%, up from 0.54% posted in Q1 2025. While the accrual-based income return was slightly down by 2 bps, delivering 0.79%

 Please contact Daisy Huang or Eileen Chiu should you have any questions regarding the index.

The Q2 2025 ANREV ODCE (Open End Diversified Core Equity) Fund Index posted a net total return of 5.47%, up from 1.68% posted in Q1 2025.

Key highlights:

• Capital growth currently stands at 4.80%, up from 0.96% posted in Q1 2025. While the distributed income return was down by 5 bps from the previous quarter, posting 0.67%.
• After taking out the currency impact of 4.87%, the index delivered a Local Currency Equivalent Net Return of 0.60%.
• The index features 8 funds, with a total GAV of US$21.0 billion as of Q2 2025

For any feedback and comments, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.37% in July 2025. The ACOE includes 17 funds with a total GAV of AUD 114.13 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Karen Yeung, or Christy Lau if you have any questions regarding the Index.

The gross return report shows a 3-month total gross return of 1.78% for the period between April and June 2025.
 
The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 17 ACOE funds.

Please contact Daisy Huang if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.09% in June 2025. The ACOE includes 17 funds with a total GAV of AUD 113.99 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Karen Yeung, or Christy Lau if you have any questions regarding the Index.